Issuance strategy

The target for the sale of government bonds via auctions and tap sales is kr. 65 billion at market value in 2023. The remaining financing is covered via treasury bills, commercial papers (CP) and by drawing from the government's account.

The government's funding requirement for 2023 are not known, as a Finance Act has not yet been adopted. Despite uncertainty about the central government's final financing needs, the strategy for the central government borrowing in 2023 is robust to any fluctuations. Changes in the central government's financing needs will thus be countered by reducing or increasing the government's account - which at the end of 2022 amounts to kr. 162 billion.

In 2023, a new 10-year nominal government bond will be opened. In the second half of the year, a new 10-year green bond will also be opened. In addition, 1.75 per cent 2025 bond will be reopened as a 2-year on-the-run paper.

The focus will continue to be on issuing the existing 2- and 10-year nominal bonds. To a limited extent, the government can also issue the 30-year nominal bond in 2023.

The aim is for an outstanding amount in the government's short-term loan programs of kr. 35 billion at the end of 2023. The outstanding amount will primarily be in treasury bills, supplemented by commercial papers.

The strategy is to issue a government bond in foreign currency under the EMTN program during 2023. The foreign bond helps to ensure that the central government maintains strong and broad market access in foreign currency. By continuously issuing in the foreign loan programmes, they are maintained as an active part of the central government's and Danmarks Nationalbank's liquidity reserve.

Financing requirement 2023

Financing requirementbillion
Net financing requirement*
Social housing18
Redemption of bonds, etc.
​Redemption of T-bills and CP
Financing requirement*

Note: *The government's net funding need for 2023 is not known, as a Finance Act has not yet been adopted. Redemption of bonds, etc. includes redemptions and buy-backs of government bonds in both domestic and foreign currency, payments from the central government in currency swaps and net purchases of government funds.